Metavante to Acquire Prime Associates
December 29 2004 - 7:00AM
PR Newswire (US)
Metavante to Acquire Prime Associates Leading provider of
anti-money laundering software for financial institutions to join
Metavante Financial Services Group MILWAUKEE, Dec. 29
/PRNewswire-FirstCall/ -- Metavante Corporation, the financial
technology subsidiary of Marshall & Ilsley Corporation
(NYSE:MI), today announced the signing of a definitive agreement to
acquire all the outstanding stock of Clark, N.J.-based Prime
Associates, Inc. The company will continue to operate under the
name of Prime Associates, and will become a subsidiary of Metavante
Corporation, with existing management continuing in their
positions. Prime Associates is a leading international provider of
software, data and services that address the regulatory and
compliance mandate of financial institutions such as anti-money
laundering (AML) regulations. Prime Associates provides compliance
solutions for the USA Patriot Act, the Bank Secrecy Act, Office of
Foreign Asset Control (OFAC) and enhanced due diligence legislation
requirements for banks, insurance companies and broker dealers. The
transaction is expected to close in February 2005, pending
regulatory approval. The acquisition is not expected to have a
material impact on M&I's financial results. Terms of the
agreement were not disclosed. "The passage in 2001 of the United
States Patriot Act gave further emphasis and requirements to the
Bank Secrecy Act for financial institutions and other firms to
increase controls to monitor monetary transactions," said Frank R.
Martire, Metavante president and chief executive officer. "Since
then all financial institutions have been under increased pressure
to comply with requirements of the legislation as an expanded part
of an institution's risk management program. Adding a provider of
such compliance software to the Metavante suite of financial
technology solutions will strengthen the company's competitive
product offering and allow for cross selling to existing clients."
Prime Associates offers premier software solutions that have been
deployed at approximately 140 of the leading banks, brokerage
houses and insurance companies in seven countries on four
continents, which are built upon industry standard technologies.
Prime Associates provides the AML compliance solution for the
largest bank in the world and the largest insurance company. It
deploys compliance software solutions for financial services
institutions in seven countries, and on four continents. "Prime
Associates is a highly innovative organization with proven
technology that offers a comprehensive suite of compliance
solutions to include AML, OFAC reporting, identity verification and
others to support compliance with the Bank Secrecy Act and other
regulatory requirements," said Prime Associates President Salvatore
Cangialosi. "By being part of Metavante, we will be able to offer
our clients a broader array of services as well as gain a wider
distribution channel through which to sell our solutions."
"Metavante is an industry leader in providing compliance and risk
management solutions to financial institutions through consulting
services and technology solutions," said Paul T. Danola, senior
executive vice president and group executive, Metavante Financial
Services Group. "This acquisition is in line with our direction to
bring the most innovative technology and comprehensive consulting
services to all segments of the financial services industry by
delivering state-of-the-art compliance and risk management
solutions for our clients. In addition to offering Prime
Associates' software solutions, we also plan to deliver their
products in an applications service provider mode through
Metavante." About Prime Associates Prime Associates, Inc. is a
leading international provider of software, data and services that
address the regulatory and compliance mandate of financial
institutions. Prime Associates's Compliance Manager(TM) provides a
complete suite of state-of-the-art solutions for Anti Money
Laundering, FAC and Sanctioned Parties, Enhanced Due Diligence,
Bank Secrecy Act and other regulations to the financial community.
BSA Reporter(TM), EDD Reporter(TM), OFAC Reporter(TM), Legal
Reporter(TM), and Training Reporter(TM) have been installed in some
of the largest financial institutions around the world. More
information about Prime Associates, Inc. is available at:
http://www.primeassociates.com/. About Metavante Metavante
Corporation delivers banking and payment technologies to financial
services firms and businesses worldwide. Metavante products and
services drive account processing for deposit, loan and trust
systems, image- based and conventional check processing, electronic
funds transfer, and electronic presentment and payment.
Headquartered in Milwaukee, Metavante (http://www.metavante.com/)
is wholly owned by Marshall & Ilsley Corporation (NYSE:MI).
This press release contains forward-looking statements concerning
M&I's and Metavante's future financial results and operations,
including expected closing dates and operating activities. Such
statements are subject to important factors which could cause
M&I's and Metavante's actual results to differ materially from
those anticipated by the forward-looking statements. These factors
include (a) receipt of regulatory approvals without unexpected
delays or conditions; (b) timely implementation and execution of
integration plans; (c) retention of customers and critical
employees; (d) no unanticipated changes in laws, regulations, or
other industry standards affecting Metavante/Prime Associates'
businesses which require significant product redevelopment efforts,
reduce the market for or value of its products or render products
obsolete; (e) those referenced in M&I's Annual Report on Form
10-K for the year ended December 31, 2003, under the heading
"Forward-Looking Statements" and such other factors as may be
described from time to time in M&I's subsequent SEC filings,
which factors are incorporated herein by reference. DATASOURCE:
Metavante Corporation CONTACT: Sam Kim of Metavante Corporation,
+1-678-533-4861, Web site: http://www.metavante.com/
http://www.primeassociates.com/
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